The Enforcement Directorate on Saturday alleged that Jet Airways founder Naresh Goyal structured various tax-evading schemes involving its domestic and overseas companies to siphon off huge sums through dubious and fictitious transactions.
Two days before the agency, carried out searches in 12 office and residential premises in Delhi and Mumbai, under the Foreign Exchange Management Act (FEMA).
These locations are connected with Jet Airways group and its former promoters, Mr Goyal and his long-time associate Hasmukh Gardi.
“The search resulted in the seizure of various incriminating documents and digital evidence. The ED’s investigation under FEMA is based on complaints and intelligence inputs received from various sources,” said the agency,
According to the ED, “Mr Goyal’s business empire includes 19 privately-held companies, of which 14 companies are registered in India and five companies abroad. He also indirectly controls various entities abroad, some of which are in tax havens.”
“Preliminary investigations indicate that Mr Goyal has structured various tax-evading schemes involving its domestic companies and the companies in foreign tax jurisdiction, thereby siphoning off huge amounts in foreign jurisdictions…,” said the ED.